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MASS PRODUCTION: The production of large quantities of virtually identical goods using large scale operations. Such production typically makes use of large factories that benefit from economies of scale. The "mass" aspect of mass production indicates: (1) that large quantities, or masses, of goods are produced and (2) that these goods are being purchased or consumed by the majority of the population, or large masses of people. Mass production is largely a consequence of the industrial revolution, which moved society from a rural-based population engaged in agrarian production to an urban-based population engaged in factory production.
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Lesson 4: Production Possibilities | Unit 5: Investment
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Page: 23 of 24
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Scarcity is THE economic problem. Investment in capital goods is the source of economic growth and progress that lessens the scarcity problem.- Some investment is good, but lot of investment is not necessarily better.
- If we produce only capital goods and no consumption goods, eventually, with no consumption, people would die.
- The trick is to strike a balance between capital goods and consumption goods.
- Answering this question puts us into the realm of normative economics.
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MARGINAL COST AND MARGINAL PRODUCT The U-shape of the marginal cost curve is closely related to the hump-shape of the marginal product curve. The increasing portion of the marginal product curve corresponds with the decreasing portion of the marginal cost curve. The decreasing portion of the marginal product curve corresponds with the increasing portion of the marginal cost curve. The peak of the marginal product curve corresponds with the minimum of the marginal cost curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a T-shirt commemorating last Friday (you know why) or a rotisserie oven that can also toast bread. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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MFC
Marginal Factor Cost
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